Apple CEO Tim Cook announced the company plans to introduce new product categories this year. No specifics were shared, but analysts believe Apple may be working on devices like a smartwatch, an iTV with 4K resolution, and an enterprise-oriented iPad.
Traditionally, new product categories have enabled long-term growth for Apple. For example, iPad revenue grew from $0 four years ago to $11.468 billion in the first quarter of fiscal 2014. Since the launch of the iPad four year ago, it has been nearly four years since Apple introduced a brand new product category. The most recent quarter results of Apple clearly demonstrated that while the company continues to grow its revenue, its growth is slowing down, which signals that it needs a boost in the form of an all-new product. Luckily, this is exactly what Apple plans to introduce this year.
“There will be new categories. We are not ready to talk about it, but we're working on some really great stuff,” said Tim Cook, chief executive officer of Apple, in an interview with the Wall Street Journal.